China’s finance ministry will finish its first full audit in more than two years in September and release the results next month, Bloomberg reported, citing comments made yesterday by Vice Finance Minister Zhu Guangyao at the G-20 summit in St Petersburg, Russia. China in July ordered a nationwide review of local-government debt, which the National Audit Office said in 2011 totaled US$1.75 trillion. The volume of local-government debt stood at 2.7 trillion yuan at the end of 2010, Zhu said yesterday. The second round of audits this year may see the total volume rise “a little bit,” he said.
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